Managers, L.L.C. DSC Form 3 KEMPHARM / ANDREW G BLUHM ownership change

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Delaware Street Capital Master Fund, L.P.

(Last) (First) (Middle)

900 NORTH MICHIGAN

SUITE 1600

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/13/2017

3. Issuer Name and Ticker or Trading Symbol
KEMPHARM, INC [ KMPH ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.0001	1,465,743(1)	D(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Delaware Street Capital Master Fund, L.P.

(Last) (First) (Middle)

900 NORTH MICHIGAN

SUITE 1600

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

DSC Advisors, L.P.

(Last) (First) (Middle)

900 NORTH MICHIGAN

SUITE 1600

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

DSC Managers, L.L.C.

(Last) (First) (Middle)

900 NORTH MICHIGAN

SUITE 1600

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

DSC Advisors, L.L.C.

(Last) (First) (Middle)

900 NORTH MICHIGAN

SUITE 1600

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

BLUHM ANDREW G

(Last) (First) (Middle)

900 NORTH MICHIGAN

SUITE 1600

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Explanation of Responses:

1. The filing of this Form 3 shall not be construed as an admission that DSC Advisors, L.P. ("DSCA), the investment manager of Delaware Street Master Fund, L.P. (the "Fund"), DSC Managers, L.L.C. ("DSCM"), the general partner of the Fund, DSC Advisors, L.L.C. ("DSCA LLC"), the general partner of DSCA, or Andrew G. Bluhm, the principal of DSCA LLC, is or was for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owner of any of the Common Stock, par value $0.0001 (the "Common Stock"), of KemPharm, Inc. (the "Issuer") purchased by the Fund. Pursuant to Rule 16a-1, each of DSCA, DSCM, DSCA LLC and Mr. Bluhm disclaim such beneficial ownership.

2. The Fund holds the shares of Common Stock directly. DSCA serves as the investment manager to the Fund. DSCA LLC serves as the general partner of DSCA. DSCM receives a portion of the profits in the form of a capital allocation from, and owns a partnership interest in, the Fund. Andrew G. Bluhm reports the Common Stock held directly by the Fund because, as the principal of DSCA LLC at the time of purchase, he controlled the disposition and voting of the securities.

Remarks:

	/s/ Andrew G. Bluhm, managing member of DSC Managers, L.L.C., general partner of Delaware Street Capital Master Fund, L.P.	09/15/2017
	/s/ Andrew G. Bluhm, managing member of DSC Advisors, L.L.C., general partner of DSC Advisors, L.P.	09/15/2017
	/s/ Andrew G. Bluhm, managing member of DSC Managers, L.L.C.	09/15/2017
	/s/ Andrew G. Bluhm, managing member of DSC Advisors, L.L.C.	09/15/2017
	/s/ Andrew G. Bluhm	09/15/2017
	** Signature of Reporting Person	Date
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